Long-run competitive equilibrium:
A. is realized only in constant-cost industries.
B. will never change once it is realized.
C. is not economically efficient.
D. results in zero economic profits.
Answer: D
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The price index for the current year is 180 . This means that, on average, prices in the current year are:
a. 80 percent of prices in the base year. b. $1.80 higher than prices in the base year. c. 180 percent higher than prices in the base year. d. $0.80 higher than prices in the base year. e. 80 percent higher than prices in the base year.
When the government taxes and spends, each activity affects GDP in the same proportion
a. True b. False Indicate whether the statement is true or false
If your firm's production function has constant returns to scale, then if you double all your inputs, your firm's output will
a. double and productivity will rise. b. double but productivity will not change. c. more than double and productivity will rise. d. more then double but productivity will not change.
Identify three things which affect the choices households make with respect to how much labor to supply?
What will be an ideal response?